KBRA assigns preliminary ratings to four classes of notes (the “Notes”) issued by Credibly Asset Securitization II LLC, Series 2024-1 (“CRDBL 2024-1”).

Credibly (or the “Company”) is the Sponsor, Seller, and Servicer for CRDBL 2024-1. Credibly was founded in 2010 and provides financing to small and medium-sized businesses through the use of proprietary risk scoring models, transactional data and technology systems. According to the Company, Credibly has provided businesses with access to approximately $2.25 billion across over 46,000 fundings. Credibly has over 180 employees with offices in New York, New York; Southfield, Michigan; and Tempe, Arizona.

CRDBL 2024-1 represents the Company’s third offering of asset-backed securities sponsored by Credibly and the third transaction rated by KBRA. CRDBL 2024-1 is collateralized by business loans (“SMB Loans”) made to small-and medium-sized businesses (“Merchants”) and future receivables purchased from Merchants at a discounted purchase price (“Factored Receivables”). A Factored Receivable is also commonly referred to as a Merchant Cash Advance (“MCA”).

Credibly Asset Securitization II LLC (the “Issuer”) will issue four classes of Series 2024-1 Notes totaling $73.95 million. The proceeds of the sale of the Series 2024-1 notes will also be used to pay down the Company’s outstanding ABS facility, CRDBL 2021-1, purchase receivables, fund the reserve account and pay related fees and expenses. The Series 2024-1 Notes are “expandable” term notes such that at any time during the Revolving Period, the Issuer may periodically issue additional Notes, up to a maximum amount of $225 million, as long as certain conditions are met, including receipt of Rating Agency Confirmation.

To access rating and relevant documents, click here.

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Methodologies

• ABS: General Global Rating Methodology for Asset Backed Securities
• Structured Finance: Global Structured Finance Counterparty Methodology
• ESG Global Rating Methodology

Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.

Doc ID: 1003340

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